After a wave of scams and poorly executed ICO's used Google ads to draw investors in during the crypto craze of 2017, Google faced criticism from users who lost money after investing in ICOs they found via these ads.
Instead of taking the liability of evaluating each project for approval or disapproval, Google decided to simply ban all crypto related advertising.
But in an update made yesterday to Google's financial services policies - the advertising of products and services related to bitcoin and other cryptocurrencies is allowed, as long as certain requirements are met.
According to Google's support page on the topic, advertisers who offer exchange services or cryptocurrency wallets in the United States, can now be promoted on the platform.
But Crypto Advertisers Will Be Required To Take Some Additional Steps...
Applicants must be duly registered with the Financial Crimes Control Office (FinCEN) as a regulated financial services company, supported by a money transmitting State, or a bank authorized by the federal government or some state authority in the U.S.
This means only services that comply with FinCEN rules, and enforce KYC "know your customer" policies.
Only then can a company apply with Google, which can still choose to deny access.
It's safe to assume that ICO, IEOs, or any method of selling newly launching tokens will remain banned.
Big Spending Is Expected...
Companies like Coinbase, Binance US, and FTX are currently battling for crypto traders in the US market.
These companies should easily meet Google's qualifications and are expected to use the platform as a tool in this heated competition.
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Author: Fernando Perez
Latin America Newsdesk
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